ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title ADVANCED TAXATION
Code ACFI305
Coordinator Mrs CA Gregory
Finance and Accounting
Catherine.Gregory@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 6 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

ACFI212 TAX COMPLIANCE; ACFI101 INTRODUCTION TO FINANCIAL ACCOUNTING 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 6

12

      6

24

48
Timetable (if known) 120 mins X 1 totaling 6
 
60 mins X 1 totaling 12
 
         
Private Study 102
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Written Unseen Examination Assessment Type: Written Exam Duration: 2.5 Hours Weighting: 75% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty ap  2.5 hours    75       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Mid-Term Assessment Type: Choice of written, unseen examination or discursive essay. Duration: 2.5 hour for the exam / 2000 words for the essay Weighting: 25% Reassessment Opportunit  2.5 hour for the exa    25       

Aims

The modules aims to enable candidates to apply technical knowledge and professional skills to identify and resolve tax issues that arise in the context of preparing tax computations and to advise on tax-efficient strategies for businesses and individuals.

Candidates will be required to use technical knowledge and professional judgement to identify, explain and evaluate alternative tax treatments and to determine the appropriate solutions to taxation issues, giving due consideration to the needs of clients and the interaction between taxes. The commercial context and impact of recommendations will need to be considered in making such judgements, as will ethical and legal issues.


Learning Outcomes

(LO1) Explain and calculate the tax consequences of actions for individuals and companies and evaluate the interaction of taxes, including income tax, corporation tax, national insurance, stamp taxes and VAT  in given scenarios. This will involve advising and assisting clients in adhering to tax regulations.

(LO2) Analyse and evaluate the tax implications of the choice of business structures, including provision of services through a company.

(LO3) Identify and explain the tax implications of close companies and the tax implications for individuals.

(LO4) Explain and evaluate the tax implications of group structures, including application and explanation of transfer pricing rules and effect of company cessation.

(LO5) Advise on the tax implications for individuals and companies as a result of business transformation and change,

(LO6) Calculate the impact on tax for international expansion and recognise the implications of double tax treaties and the OECD Convention.

(LO7) Advise on alternative tax treatments to defer or minimise tax liabilities, explaining the use of tax efficient schemes. Candidates will also beable to understand the interaction of taxes in given scenarios and to identify and discriminate between tax evasion and tax avoidance.

(LO8) Recognise and explain ethical and legal issues arising in taxation scenarios

(S1) Adaptability

(S2) Problem solving skills

(S3) numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) International awareness

(S8) Lifelong learning skills

(S9) Ethical awareness


Teaching and Learning Strategies

Teaching Method: Online Asynchronous Learning Materials
Description: Materials provided via the VLE
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Online Synchronous Lecture
Scheduled Directed Student Hours: 6
Attendance Recorded: No
Notes: 2 hour sessions in weeks 4, 6,and 8

Teaching Method: Seminar
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Weekly one hour session to foster student community and engagement by working with others on their ‘active learning’ activities.
Scheduled Student Hours: 6
Attendance Recorded: No

Self-Directed Learning Hours:102
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribu te to the seminar activities and to understand the content of lectures. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module

Costs Information:
Students may be required to purchase a textbook

There are the following non-modular requirements:
ACFI101 and ACFI212

Skills/Other Attributes Mapping

Skills / attributes: Ethical awareness
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-Term

Skills / attributes: Lifelong learning skills
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-Term

Skills / attributes: International awareness
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-Term

Skills / attributes: Communication skills
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-Term

Skills / attributes: Organisational skills
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-Term

Skills / attributes: Commercial awareness
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-Term

Skills / attributes: numeracy
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-Term

Skills / attributes: Problem solving skills
How this is developed: Lectures and workshops
Mode of assessment (if applicable): Examination and Mid-Term

Skills / attributes: Adaptability
How this is developed: Lectures and workshops
Mode of assessment (if applicable)


Syllabus

 

1: ADVANCED TAXATION
Candidates will be able to analyse, evaluate and calculate the tax consequences of actions for individuals and companies and evaluate the interaction of taxes in given scenarios. This will involve advising and assisting clients in adhering to tax regulations. In the assessment candidates may be required to consider:

COMMUNICATION SKILLS-
Communicate in a format appropriate to the recipient who may be an external client, a fellow professional, or an internal colleague;
Prepare suitable advice to explain tax liabilities with supporting calculations;
Recommend appropriate tax-planning advice;
Identify further information required to complete tax computations and finalise tax advice;
Give advice which is appropriate, technically correct, and within the law and the ICAEW Code of Ethics.

TAXATION OF BUSINESS AND CORPORATE ENTITIES-
Determine, explain and calculate the tax liabilities for individuals and corporate entities, including income tax, national insurance, corporation tax, stamp taxes and VAT;
Evaluate the tax implications of the choice of business structures, including provision of services through a company;
Explain the taxation issues relating to business start-ups;
Identify and evaluate the impact of close companies on the taxation of companies and individuals;
Explain and evaluate the tax implications of group structures;
Apply, explain and evaluate issues relating to transfer pricing;
Explain and evaluate the tax implications of business transformations and change;
Explain and calculate the tax implications involved in the cessation of trade.

INTERNATIONAL ASPECTS OF CORPORATE TAXATION-
Calculate the impact of international expansion on UK tax liabilities;
Explain the tax implications of inward investment in the UK;
Recognise the implications of double tax treaties and the OECD Model Tax Convention;
Apply and advise on double t axation relief.

FINANCING AND INVESTING-
Evaluate the tax implications of financing existing and new businesses;
Evaluate the taxation implications of returns to investors;
Advise and calculate the impact of tax efficient schemes including ISAs, enterprise investment schemes, and venture capital trusts.

EMPLOYMENT INCOME AND REMUNERATION PACKAGES-
Advise on the tax implications of remuneration packages including share schemes, termination payments, and allowable deductions.

PERSONAL TAXATION AND OVERSEAS TAXATION-
Calculate tax liabilities for individuals including income and capital gains tax, national insurance contributions and inheritance tax;
Advise on the taxation of foreign assets, income and gains;
Evaluate and advise on the impact of residence, non-residence and domicile on an individual’s tax liabilities;
Analyse and explain the implications of individuals leaving and coming to the UK as well as the special tax p osition for non-UK domiciled individuals;
Explain the implications of domicile for inheritance tax.

TRUSTS-
Identify the need for and advise on the use of trusts in tax planning;
Appreciate the tax implications of creating and utilising trusts and the tax implications of assets entering or leaving trusts.

2: TAX PLANNING
Candidates will be able to advise on alternative tax treatments to defer or minimise tax liabilities. Candidates will also be able to understand the interaction of taxes in given scenarios and to identify and discriminate between tax evasion and tax avoidance. In the assessment candidates may be required to:

Identify legitimate tax planning measures to minimise tax liabilities;
Evaluate and advise on tax strategies to meet business objectives;
Evaluate and advise on alternative tax strategies relating to corporate transformations and changes in personal circumstances such as marriage, divorce and death;
Recognise, ex plain and communicate opportunities to use alternative tax treatments arising from past transactions;
Identify and communicate ethical and professional issues in giving tax planning advice.

3: ETHICS AND LAW
Candidates will be able to recognise and explain ethical and legal issues arising in taxation scenarios. Where ethical dilemmas arise, candidates will be required to apply the five fundamental principles and guidance in the IFAC and ICAEW codes to recommend and justify appropriate, legal actions. In the assessment, candidates may be required to, in the context of taxation:

Recognise and explain the relevance, importance and consequences of ethical and legal issues;
Recommend and justify appropriate actions where ethical dilemmas arise in a given scenario;
Design and evaluate appropriate ethical safeguards;
Recognise and advise when a tax-avoidance scheme is notifiable to HMRC and distinguish between avoidance and evasion and their consequences.< /p>


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.